0001709442-26-000029
SEC filingNet income declined 8.4% YoY to $21.6M, driven by higher credit provisions and expenses, while core revenue benefited from treasury management fee growth and lower deposit costs.
Net income for the first quarter of 2026 was $21.6 million, down 8.4% from $23.6 million in the same period last year. Diluted earnings per share decreased to $0.76 from $0.83. The decline was primarily due to an increase in the provision for credit losses, which management attributed to net portfolio downgrades and impacts from growth in loan portfolio balances. This was partially offset by growth in non-interest income, particularly treasury management service fees.
The increase in provision for credit losses was primarily due to net portfolio downgrades and impacts from growth in loan portfolio balances. While specific loan growth percentages are not available, the provision increase reflects management's assessment of credit risk in the current economic environment.
On April 1, 2026, subsequent to the end of the quarter, FirstSun Capital Bancorp completed its merger with First Foundation. This transaction is expected to expand the company's footprint and enhance its competitive position.